IFSRA: NIB activities 'unacceptable'
The Irish Financial Services Regulatory Authority (IFSRA) has described the type of activity uncovered at National Irish Bank as unacceptable.
IFSRA has welcomed the publication of the High Court inspectors’ report into illegal practices at the bank, including overcharging and encouraging tax evasion.
Its chief executive, Liam O’Reilly, said the issues raised in the report would be examined in due course before any action is taken.
He also said any measures deemed necessary in response to today’s report would be taken.
“The important thing to do is to make sure that the people get their money back and that would be the first action that we will be taking,” he said.
“The second thing would be to ensure that there is a reform package within the institution. Finally, there’s the whole question of named individuals and we will be looking at the named individuals to see what appropriate action is necessary.”
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